Don’t let financial worries cause strife between you, your other half and kids
MONEY worries are the biggest causes of stress for many families today.
Inflation, low wages and yesterday’s interest rate rise mean it can be tough to make ends meet.
In a study, 40 per cent of adults said concerns about cashflow and bills were their biggest worries.
And when families start worrying, they often start arguing.
But finance experts say you can avoid some of the stress with advance planning and budgeting.
Deborah Vickers, channel director at price comparison site MoneyGuru. com, said it’s best to face stress head-on.
She added: “Manage your money with a budget, so you know where your money is going and cut your current costs by switching deals.
“Cut back on non-essential spending and ignore impulse purchases. Review when money comes out of your account and look for free and impartial advice.”
Deborah added: “Reviewing your bills and outgoings can help. The rule is to ensure you have more coming in than going out. Cancel subscriptions you don’t use.” Writing a list of what is troubling you, such as credit card debt, can put your worries in perspective and help you begin to see the light at the end of the tunnel. Try grouping the issues together and the solutions will soon become clear.
The rule is to always ensure you have more cash coming in than going out